Shinhan Card expands business in Kazakhstan Korean card company increases loan guarantee for its Kazakhstan unit by a third
Translated by Ryu Ho-joung 공개 2022-05-12 07:43:33
이 기사는 2022년 05월 12일 07:41 thebell 에 표출된 기사입니다.
Shinhan Card, a subsidiary of South Korea’s Shinhan Financial Group, is ramping up its expansion in Kazakhstan as part of efforts to diversify its overseas operations.The card company recently increased a loan guarantee for its Kazakhstan unit, LLP MFO Shinhan Finance, by 32.6% to 67.1 billion won ($52.5 million), according to industry sources.
LLP MFO Shinhan Finance has been actively raising money locally in recent months to accelerate its growth in the country. It took out a $15 million loan in early April after raising 500 million tenge ($1.12 million) through loans in March.
The Kazakhstan unit made a net profit of 2.1 billion won in 2021, up 40% from a year ago. Its total assets also grew 43.25% to 41.4 billion won in the same period. This contrasts with the company’s Vietnam and Myanmar units whose earnings plunged last year.
The company’s expansion in Kazakhstan is expected to help diversify its overseas profit sources beyond the Vietnamese market, reducing profit volatility.
Shinhan Card’s overseas units recorded overall net profit of 1.4 billion won, compared to 24.6 billion won a year earlier.
The sharp decline was largely due to weak performance in Vietnam. The Vietnam unit’s net profit, which represented over 90% of the company’s total net profit from overseas markets in 2020, dropped to 6.5 billion won in 2021 from 22.7 billion won a year ago in the aftermath of the Covid-19 pandemic.
The company’s Myanmar unit also recorded 9.8 billion won in net loss last year, a reversal from 200 million won in net profit a year ago, following the military coup there.
“We have operated successfully in overseas markets despite challenges such as pandemic restrictions in Vietnam and political uncertainty in Myanmar,” said an official at Shinhan Card. “We will continue to enhance our competitiveness by diversifying the business portfolio and ramping up digital transformation.” (Reporting by Gi-wook Lee)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- [2023 더벨 글로벌 투자 로드쇼-인도네시아]인니 정부, 친기업 정책 드라이브에 뜨거운 관심 '체감'
- [2023 더벨 글로벌 투자 로드쇼-인도네시아]"유망 스타트업 양성소, 글로벌 투자 거점 부상"
- [2023 더벨 글로벌 투자 로드쇼-인도네시아]"철저히 투자금융 관점서 봐야, 전략적 접근시 유리"
- [2023 더벨 글로벌 투자 로드쇼-베트남]신용보증기금, 중기 베트남 진출 지원에 팔 걷었다
- [2023 더벨 글로벌 투자 로드쇼-베트남]인프라·산업 투자 증가, 부동산 가격 상승 견인
- [2023 더벨 글로벌 투자 로드쇼-베트남]떠오르는 신규 투자처 '온실가스 감축 프로젝트'
- [2023 더벨 글로벌 투자 로드쇼-베트남]VITASK, 베트남 현지 기업 생산·기술력 개선 앞장
- [2023 더벨 글로벌 투자 로드쇼-베트남]급성장 '핀테크' 산업, 전자 결제·P2P·초단기 분야 각광
- [2023 더벨 글로벌 투자 로드쇼-베트남]진출 계획시 세무 접근 필요, '우대세율·감면' 활용해야 '득'
- [2023 더벨 글로벌 투자 로드쇼-베트남]한국이 투자 주춤할 때 태국은 과감히 '베팅'